Australia

Project Description

Do you have an pension fund in the UK?

A QROPS/ROPS is a superannuation or pension scheme outside the UK that agrees with Her Majesty’s Revenue and Customs (HMRC) to meet certain reporting obligations in relation to payments made out of the fund. Transferring to a QROPS/ROPS can offer significant taxation and investment advantages, especially for Australian tax residents as the taxation of income directly from a UK Pension is subject to tax in Australian at an individuals marginal rates of tax.

Outlined below are the key benefits for an Australian tax resident to consider a transfer of you UK Pension benefits to Australia;-

Tax-free transfer if the transfer is made within 6 months of your date of tax residency

Flexible drawdown in retirement

Benefits are paid out tax-free from aged 60

No UK Inheritance Tax charge on death for your UK Pension benefits

Investment Flexibility

Control of your Retirement

An Australian Superannuation Fund can provide benefits in line with Flexible Access regardless of the Member Payment Provision Period (MPPP), which means that normal Australian preservation rules apply to the earliest date of accessing benefits.

Transfers to Australia are subject to Australian superannuation laws from the date of receipt by the Fund, but transfers out of the Fund are not allowed to another Australian Superannuation Fund unless it has QROPS/ROPS status – nor is it permitted to another overseas pension fund.

You should therefore carefully consider your decision to transfer to an Australian Superannuation Fund.

Transfers to Australian Superannuation Funds (for individuals over the age of 55) can occur from any foreign pension fund should the transfer have taken place prior to 9th March 2017.

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Testimonials

Dear Simon, I am writing to thank you for taking over as our Financial Advisor when we were facing financial losses due to unwise advice from the former Firm servicing us. Through your attention to our needs we were able to receive back our entire investment in a property project that ultimately went bust.

Jack Hanover, Josock ltd CEO

I received some bad news after a health checkup and went about making a claim with Simon’s help. We struck some significant hurdles initially with the insurers and it looked like my claim was going to be declined. Simon assisted me to make a case as to why they should reconsider their initial assessment. Ultimately my claim was successful but without Simon’s support and constant follow up with the insurers I’m not sure I would have got the result

Shane Smith

Dear Simon, I am writing to thank you for taking over as our Financial Advisor when we were facing financial losses due to unwise advice from the former Firm servicing us. Through your attention to our needs we were able to receive back our entire investment in a property project that ultimately went bust. Your helpful counsel has led us into wise investments that have preserved our threatened capital and maintained our income stream. Your availability, virtually on call, is most reassuring and your personal visits make our life as elderly citizens so much easier. We are most grateful for your service and feel confident about the future direction of our Fund. Sincere regards

Adrienne and Max Walters

Once again we are at that time of the year when we reconcile our portfolio.
We are obliged to say “well done” – perhaps a little conservative at times but the end result is what counts and we are both pleased.

Graeme and Wendy Wheildon

Financial Planning

Pension Transfers

International Planning

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Boxodosh Pty Ltd ATF Boxodosh Trust & JRS Cooper Pty Ltd ATF Cooper Family Trust in Partnership trading as TWA Advisory is a Corporate Authorised Representative of Resolute Financial Advisory Pty Ltd (AFSL 436967)
General Advice Warning; This information is of a general nature only and may not be relevant to your particular circumstances. The circumstances of each investor are different and you should seek advice from a financial planner who can consider if the strategies and products are right for you.